I can't figure out how to easily do this - when I am at a particular location, how can I make that a favorite?  I don't want to have to enter the address of a place I am already at.

Something like "add current location to favorites" is what I am looking for...

I was wondering this, but found it's actually very simple, select location from map (touch a point on the map (i.e your present location)), then touch the quick access menu (the one in the right of the screen), then the icon of the pen on paper, that will save it as a favourite, you can also do it from within the favourite menu, by selecting from map.